J.P. Morgan, Citigroup, and Bank of America are halting Bitcoin purchases

in crypto •  7 years ago 

It seems as if the mainstream media and "the man" are working together to try and destroy cryptocurrency. The latest story I read came with the headline "Bitcoin Ban expands Across Credit Cards as U.S. Banks Recoil". They really seem to want to continue the selling frenzy.

If you use J.P. Morgan, Citigroup, or Bank of America, you could use your credit card to purchase Bitcoin over the last few years. Unfortunately, that is now coming to a stop.

To add to the onslaught of negative news from the mainstream media and big corporations, some of the biggest banks in the United States have deemed Bitcoin too risky to allow it to be purchased on credit cards. They don't want to get caught up with big price drops and customers with buyer's remorse that bought Bitcoin at a high price.

The good news in all of this is that it is only effecting credit card purchases. Users using their debit cards will still be able to purchase Bitcoin and other cryptocurrency as usual.

Citigroup said that they will continue to monitor their policy as the market evolves.

I can definitely understand why credit card companies would be a bit weary of getting stuck with someone else's crypto bill, or worried that someone might use stolen card info to hoard crypto. It just seems like a wildly odd time for all 3 banks to decide this simultaneously.

I will continue to hold strong and I think that the market will rebound sharply eventually! How about you? What do you think?

To the moon,

@bwells

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Thanks for sharing this @bwells! I think there is a lot to be said for three banks doing this simultaneously.. they probably met and came to this conlcusion, which in one way I can understand. If i was the CEO of a huge bank and I saw an asset that fluctuated as much as BTC, I may have made the same decision.

As an individual, it is easy to frown upon such decisions, but it is important that we understand their point of view. While I believe in the future of cryptocurrencies (I work full time in ICO consulting, online course creation and blogging now), I am not sure if BTC is the one that will be widely adopted. Cryptocurrencies with more real world use cases are likely to be adopted, and secure applications are likely to be built as side chains of BTC (due to the amount of mining that has been done to secure the network). To sum up, I am bullish on the market long term, but I am not sure which cryptocurrency will be number one in three or four years time - I am doubtful it will be Bitcoin. Although I could be completely wrong as it is much more widely known and that could grow!

I am extremely bullish on STEEM, and I am currently setting up my own Steemit advertising campaign and incubator for newcomers. I would love to talk to you more about it if you are interested - are you available on Discord or Steemit Chat?

Hi @lukebrn.

I agree that it says a lot that 3 huge banks collectively came to the same decision on the same day.

I also agree that Bitcoin will no longer be number one within a couple of years. I think that it will be something like Ethereum(if they can speed up like they say) or EOS.

I am also very bullish on STEEM in the long run. I'd be happy to speak with you further. My discord name is OGBMAN and I should be available tonight around 8-9 pm EST.

Good to hear that we have the same point of view! Yes EOS is a good call, and I think for the next few years Ethereum will be a contender, but honestly I don't think we've even seen the best yet - I think we're still waiting for it to be created!

And perfect, thank you. I may not be up as that is 1am-2am Irish time and I am up early tomorrow - how about I leave you a message and we chat at 8-9pm EST tomorrow if that suits? Thanks again!

Sounds good to me. I should be able to get some free time earlier tomorrow so you don’t have to stay up so late!

Looking forward to speaking with you tomorrow.

Perfect, thank you. Me too!

Hi @bwells! I couldn't find you on discord, not sure why. My username is lukebrn#3369 - can you get on to me please?

Hi Mr.Bwells! I have a little gift for you. I hope you like it 😊

My post ;https://steemit.com/art/@rewossky/new-sketch-best-lovers-bwells-or-we-wish-you-happiness

4.jpg

That's awesome! Thanks for that surprise. My wife and I love it! I left you a hefty upvote on your blog! :)
Thanks again and keep up the good work @rewossky!

It was nice to make you happy! always be happy! and thank you very much for everythings

Bitcoin is a cryptocurrency and worldwide payment system. :3 It is the first decentralized digital currency, as the system works without a central bank or single administrator
thanks for sharing this type of news............resteemed.

Great Post @bwells! I upvoted you. The ironic thing I was thinking about this is that banks were one of the reasons I got involved in crypto. I have been hearing about this and I appreciate you sharing.
I don't know if you use Coinbase, but I got an email from them saying if a credit card is used to purchase and cryptos, that there would be extra charges from the CC company. Crazy stuff. I am glad there are more options to buy and sell through Bittrex (opening for USD deposits), Square Cash app, and Robinhood soon! Peace, Love, & Freedom!
Peace, Love, & Freedom!

crypto is one of the biggest opportunities since the invention of the internet itseif....great times to be around..............................

Have a nice day @bwells I wish I have a crystal ball to predict what may come.. I know that most of the cryptopian aware of what laying ahead but that doesn't stop it from growing... I think there will be a big different from last year....but i do believe that this thing will continue decades more..Thanks for the articles

No one will buy btc with credit... I either use my debit card. However, if the card number is stolen... maybe I will buy lots and lots of monero out of it.

While I can kind of see why they are doing this, it still sucks. I was trying to buy some Eth (to buy steem) yesterday and it was the first time I wasn’t able to using my chase credit card even though I pay it off immediately. I guess they are sick of people buying on credit and possibly disputing it when it dips. oh well 😢

  ·  7 years ago (edited)

the war on cryptocurrencies will continue, but that will create more confidence for people because that will show that banks are scared, their market will fall, we must be patient ... thanks for keeping us informed

The banks are not afraid of “getting stuck with your bill” they are afraid of you leaving the debt circle with crypto gains.

Banks will always do things to protect their business or at least profit from any general trends. I do not think this is bad as most people should not be using their credit cards to invest in the first place. This will also minimize the entrance of investors with weak hands.

seems like they missed buying the bitcoin at the dip oh nnoooo

I wish I have a crystal ball to predict what may come.. I know that most of the cryptopian aware of what laying ahead but that doesn't stop it from growing... I think there will be a big different from last year....but i do believe that this thing will continue decades more..Thanks for the articles

There is no way Bitcoin will trade at values lower then those prior to the November boom. The only ones i see panicing are mainstream news, and those generaly againts crypto.
I only have a few hundred dollars in crypto but im hoping to earn some here so i can invest while the market prices are this low.

The bank doesn't care when you max your card out on alcohol, designer clothes, gambling, or any other worthless and risky commodity. Your bank doesn't give one single tiny little shit about you in any way beyond your capacity to generate revenue. You are a revenue generating unit and nothing more, end of story. They are building artificial barriers to crypto because they view it as a direct and fundamental threat to their industries... and with good reason, because it is. The reality is anyone who invests wisely in crypto right now is going to make a significant ROI over the next few years, opening up the opportunity to pay off large balances, which decreases the revenue they earn from interest. This is nothing more than a desperate attempt at self preservation.

Jp morgan and the gangsters they will don't miss any opportunity to fire bitcoin

they can do only a little damage but they can't imagine bitcoin will do to them

so much of negativity is there if it did anything wrong then a lot of panic would be created in the market

I predict that Bitcoin will continue dropping in value for the rest of this month, but who knows what will happen next month... Bitcoin might rebound next month and start going upwards in value once again... I think that it's only a matter of time before Bitcoin reverses it's decline and goes way up in value once again... I predict that 1 Bitcoin will be priced at $27,000.00 USD on December, 31, 2018...